General

Economy

• Real GDP growth to rise from 2.75% to 3.0% for 2018/19
• Unemployment to fall marginally from 5.5% to 5.25% next year and reach 5% by 2021/22
• Wage growth to pick up but still be sluggish at 2.75%
• Inflation rising to 2.5%, but staying within the RBA’s target 2-3% desired level over the next few years

Infrastructure

• $5 billion for the Melbourne Airport Rail link
• $1.8 billion for the North East link and $475 million for Monash rail connection
• $132 million for the Princess Highway East and $50 million for the Geelong rail line.
• $520 million in Tasmania for the replacement of Bridgewater Bridge and next stage of Tasmanian Freight Revitalisation program
• $3 billion for the Bruce Highway and $1 billion for M1 widening (Qld)
• $1.4 billion for the Adelaide North-South Corridor
• $1 billion for the Coffs Harbour Bypass
• $1 billion for each of Metronet Rail and Perth Congestion Package

Tax 

• The planned increase to the Medicare levy of 0.5% has been dropped
• Income tax cuts for low and middle-income earners up to $530 per annum
• A plan that by 2024/25 the 37% tax bracket is abolished and that the marginal tax rate for incomes between $41,000 and $200,000 will be 30% plus Medicare levy

Business

• Extension of the $20,000 asset write off provisions for small business
• Ongoing commitment to cut the corporate tax rate to 25% for large companies by 2026/27

Investors

Tightening of rules around any assets injected into testamentary trusts and tax deductions for vacant land

Super

• Allow up to 6 members in an SMSF from 1 July 2019
• Allowing those with balances of less than $300,000 in super to make contributions in the financial year after the last year they met the work test
• SMSFs with a history of clear audit reports will only be required to be audited every 3 years

Education

• $442 million funding for childcare
• $1.3 billion for health and medical research

Social Security

• From 1 July 2019, new means test rules will reduce the amount counted as an asset and income for Centrelink purpose on lifetime retirement income stream products
• From 1 July 2019, the Government will expand the Pension Loan Scheme to allow all people of age pension age to receive a fortnightly pension using reverse equity against their home